Social Value means different things to different people, but ultimately it is about wellbeing. 

Social Value accounting recognises positive & negative impacts on wellbeing and how important they are from the perspective of those who experience them. 

The Principles of Social Value provide a framework for accounting for social value to inform decision making that maximises the positive and reduces the negative impacts people experience (optimising impact on wellbeing) 

Social Value can be monetised and integrated with financial value to create an account of value. 

Economic Value = changes in money. These are represented in market transactions and captured through costs, prices. [Financial accounting] 

Environmental Value = changes we create on natural resources. [Sustainability reporting] 

Social Value = changes we create in people’s lives that affect wellbeing. [Social accounting]